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Payroll Tax Credit Expiring Soon
Employee Retention Tax Credit
To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. Many of our clients own and operate S corporations and it is valuable to understand how these credits impact your business.
Perhaps you, too, would like us to help clarify which of the COVID-19 tax benefits the S corporation owner can use to put cash in his or her pocket. Below, we will discuss the Employee Retention Credit – how to determine if you qualify and how much you may qualify for.
Taxes in the News
Child Tax Credit Expansion & Advance Payments
Learn how this impacts you and why you may want to opt out of the pre payments for tax planning purposes.
The American Rescue Plan included more benefits for taxpayers than just the 3rd stimulus payment. The plan that was signed on March 11, 2021 includes an update to the Child Tax Credit. If you haven’t heard about the Advance Child Tax Credit, it is an increase in the child tax credit from $2,000 to either $3,000 or $3,600 depending on children’s ages with advance monthly payments beginning as soon as July 15th, 2021.
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Is Tax Preparation right for you?
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.
Here’s what you get…
A personal interview with one of our tax professionals to uncover and discuss all deductions to which you are legitimately entitled.
Your tax return will be checked and rechecked by our staff and computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
Not only do you get the initial tax interview to uncover more deductions and tax strategies, but you have access to your tax advisor year round!
Your tax return can be filed electronically so you will get a refund back quicker.
Our tax professionals will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months?
We will show you potential deductions to limit your tax liability for next year.
